Australian FinTech streaming ahead

The Turnbull Government welcomes the release today of the EY FinTech Australia Census 2017, which reveals the strength and maturity of Australia's FinTech sector.

The Census provides a comprehensive overview of the Australian FinTech landscape, showing that the number of FinTech firms operating in Australia is now approaching 600, having more than doubled since 2015. This growth in FinTech firms is an indicator that the products and services offered are in demand from Australian consumers and significantly, the Census reports that more than half of Australian FinTech firms are looking to expand overseas.

The Census shows that Australia's FinTech sector is increasingly becoming the first choice for many businesses and consumers when they are selecting a financial service. FinTech adoption in Australia is high, having almost tripled since 2015 and is expected to further increase to nearly 1 in 2 Australians in the next 12 months.

The FinTech Census provides evidence that the Turnbull Government's strong support for the sector is paying off, and the Government is continuing to be proactive in supporting the Australian FinTech sector to succeed both domestically and to become globally competitive.

The Government announced yesterday its commitment to legislating a mandatory comprehensive credit reporting regime, which will give FinTech firms access to a complete set of data that they can draw upon to deliver more competitive interest rates to consumers and small businesses.

Last week, the Turnbull Government released draft legislation and regulations to create an enhanced regulatory sandbox which will support FinTech firms to grow by allowing them to test a wide range of innovative financial products for up to 24 months.